Man charged in Cambodia over alleged multi-million forex fraud

A Cambodian man has been told he will face a range of
charges after he was accused of running a fraudulent foreign exchange company.

The 34-year-old Cheu Yary, who heads up a company
called International Forex Trading, was accused of the crimes recently and has
since been charged after being arrested on 27th July.

He is also accused of creating cheques which were not
legitimate and which could not be cashed.

He was arrested by officers from the Cambodian
Interior Ministry’s penal department. He has now been transferred to Prey Sar
prison for a period of detention prior to his trial beginning. This prison is
the largest in Cambodia.

Press reports from the country suggest that the
accused engaged in fraud which totalled around $30 million US dollars in
investor cash, which is equivalent to £24.6million or so British pounds.

He allegedly told investors that their investments
were receiving higher profits than they actually were, and then created and
distributed fake cheques in order to bolster his claim.

Police are believed to have been looking into Yary’s
alleged crimes since 4th July.

It is understood that one suspected victim came
forward to the police with an accusation against Yary. This woman said that she
had lost around $10 million US dollars – which, if correct, represents a whole
third of Yary’s alleged proceeds of crime.

International Forex Trading does not appear to have an
obvious web presence.

According to Kuch Kimlong, who is a spokesperson for
the Municipal Court in Cambodia’s capital and largest city Phnom Penh, Yary has
been charged with “fraud and issuance of bad cheques”.

“Phnom Penh Municipal Court charged him with fraud and
issuance of bad cheques, in accordance with Articles 377 and 29 of the Criminal
Code and Article 231 of the Law on Negotiable Instruments and Payment
Transactions”, Mr Kimlong said, noting that the suspect was detained by police
officers from the Interior Ministry’s penal department.

Major General Houth Taing Hoeuth, Deputy Director of
the Cambodian Interior Ministry’s penal department, added further details about
the arrest.

“Cheu Yary was arrested on July 27 in Preah Sihanouk
province by provincial authorities and the National Police after Phnom Penh
Municipal Court issued an arrest warrant”, he said. “Later on, the suspect was
sent to the Interior Ministry’s penal department in Phnom Penh.”

As a major economy in South East Asia, there is a
foreign exchange industry in Cambodia.

However, it appears to have avoided the worst of the
foreign exchange scams over the years. Crypto scams, however, have been
recorded in the regional press.

Earlier this year, for example, a Malaysian-owned cryptocurrency
outlet was shut down momentarily and its main officers were arrested after it
used the name of Cambodia’s Prime Minister in its advertising materials without
permission.

Prime Minister Hun Sen, who has been in office for
decades, took to Facebook to explain to the public what had happened and that
he was not part of the scheme.

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